Record revenues of £78.4m for Firmdale Hotels
Firmdale Hotels has announced record results for 2012 with group revenues increasing 5.4% to £78.4m.
The group, which boasts seven hotels in London and one in New York, also achieved an increase in underlying group operating profit before depreciation, interest, tax and pre-opening property development costs to £13.4m.
Like-for-like revenues for Firmdale's London hotels increased 2%, taking revenues up to a record £60m.
Average room rates in the capital rose 3% to £322 (up from £312 in 2011), while occupancy showed a small decline to 87% (down from 89%), which reflected the general London trend due to the steep rise in supply of new hotel bedrooms.
The London hotels also recorded a 2% growth in income for food, beverage and events, with income from events - including turnover from screening rooms - representing 11% of overall revenues across its seven properties.
Business was boosted last year by the reopening of the newly refurbished 38-bedroom Dorset Square hotel in June 2012, following a 15-month closure.
Firmdale confirmed that it's latest hotel development - Ham Yard - is on schedule to open in April 2014. Located near Piccadilly Circus, the £88m, 91-bedroom hotel will include a restaurant, bar, events space, bowling alley, 24 luxury apartments and 12 retail units.
The company has also secured a leasehold interest on a second New York property on 56th Street between 5th and 6th Avenues, where a 90-bedroom hotel with restaurant and screening room will be developed to add to its 86-bedroom Crosby Street hotel in the city.
Recognition for Tim and Kit Kemp, the founders of Firmdale Hotels, came in the 2012 Queen's Diamond Jubilee Birthday honours list, when they were awarded an MBE for services to the hotel industry.
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Firmdale Hotels achieves record high group revenues of nearly £75m >>